- Barrick Gold (ABX) +0.3% premarket after reporting a 90% drop in its Q1 earnings to $238M from $923M a year ago due to lower metal prices and gold sales volume, but results came in slightly ahead of analyst expectations.
- Q1 gold production fell to 1.59M oz. from 1.8M oz. a year earlier, while average realized gold prices were $1,285/oz. vs. $1,629/oz. a year ago.
- All-in sustaining cash costs fell to $833/oz. from $933/oz. a year earlier; for the year, ABX maintains its forecast for all-in sustaining cash costs of $920-$980/oz. and gold production of 6M-6.5M oz.
- Cut its 2014 copper production guidance to 410M-440M lbs. from 470M-500M lbs. after damage to the main conveyor at its Lumwana mine in Zambia halted processing there.
- The earnings come ahead of founder Peter Munk’s final meeting as ABX chairman and two days after collapse of merger talks with Newmont Mining.
at CNBC.com (Nov 18, 2014)